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Lending and Fintech NewsWed, 20 Mar 2019 19:04:46 +0000en-UShourly1https://wordpress.org/?v=4.9.10https://news.lendit.com/wp-content/uploads/cropped-Favicon_32X32_Fintech_v002-012-32x32.pngfintech sandbox – LendIt News – Daily Fintech Industry Newshttps://news.lendit.com
3232We Should be Careful About Fintech Sandboxeshttps://news.lendit.com/2019/02/19/we-should-be-careful-about-fintech-sandboxes/
https://news.lendit.com/2019/02/19/we-should-be-careful-about-fintech-sandboxes/#respondTue, 19 Feb 2019 17:39:08 +0000https://news.lendit.com/?p=16024While writing in the FT Karen Petrou, Managing Partner of Federal Financial Analytics, discussed the risks associated with fintech sandboxes and asks if there is enough regulation being applied to fintech; the amount of data collected and they way in which it is stored can leave personal information vulnerable to hacking; should we be asking more questions of fintech firms and big tech like Amazon or Facebook who might one day offer checking accounts and other financial products; financial services companies are regulated to ensure consumer protection, allowing fintech firms to operate under different rules can be dangerous and regulators should consider this as they craft new era financial legislation. Source.
]]>https://news.lendit.com/2019/02/19/we-should-be-careful-about-fintech-sandboxes/feed/0Fintech Sandboxes are not Always a Good Ideahttps://news.lendit.com/2018/12/05/fintech-sandboxes-are-not-always-a-good-idea/
https://news.lendit.com/2018/12/05/fintech-sandboxes-are-not-always-a-good-idea/#respondWed, 05 Dec 2018 16:36:25 +0000https://news.lendit.com/?p=15548Fintech sandboxes have become all the rage in recent years as regulators have looked for a way to understand new technology and startups have looked for a way to test an idea in a safe space; FT Alphaville points out that sandboxes have also been used as a marketing and PR tool for companies to raise capital or grow their profile; a lot of sandboxes, in particular in emerging markets, have been done as a way to lure fintech firms to certain markets without regard for consumer or investor protection; they argue that some of this testing can actually be done in secret without mentioning groups of firms in press releases; while the process seems like a harmless way for new ideas to be tested, they actually could instead be encouraging bad companies without properly protecting consumers and investors. Source.
]]>https://news.lendit.com/2018/12/05/fintech-sandboxes-are-not-always-a-good-idea/feed/0New Report Shows FCA Fintech Sandbox a Success but Improvements can be Madehttps://news.lendit.com/2018/10/10/new-report-shows-fca-fintech-sandbox-a-success-but-improvements-can-be-made/
https://news.lendit.com/2018/10/10/new-report-shows-fca-fintech-sandbox-a-success-but-improvements-can-be-made/#respondWed, 10 Oct 2018 18:12:33 +0000https://news.lendit.com/?p=15137A new report by Deloitte and Innovate Finance says the FCA’s fintech sandbox program has thus far been a success in enabling innovation; 89 of 276 applications have been accepted into the program and most of the firms have said they are supportive of the sandbox idea; working with the FCA has allowed firms to test ideas and coming out of the program has made the full authorization process easier; the program has also benefited regulators who give themselves a better chance at understanding regulation and therefore adapting regulations; Charlotte Crosswell from Innovate Finance tells Crowdfund Insider, “ It is clear that the sandbox model is still evolving and we hope to see it expand and succeed in the years to come, both in the UK and internationally.” Source.
]]>https://news.lendit.com/2018/10/10/new-report-shows-fca-fintech-sandbox-a-success-but-improvements-can-be-made/feed/0Global Regulators for Fintech Sandbox Alliancehttps://news.lendit.com/2018/08/07/global-regulators-for-fintech-sandbox-alliance/
https://news.lendit.com/2018/08/07/global-regulators-for-fintech-sandbox-alliance/#respondTue, 07 Aug 2018 18:13:34 +0000http://news.lendit.com/?p=14655Regulators across the UK, U.S. and Hong Kong have formed an alliance call the Global Financial Innovation Network to setup a global fintech sandbox; in total there will be 11 global regulators who will share policy ideas and help each other stay up to date on emerging technologies; “Financial services regulators must re-consider existing ways of working and collaborating, in order to balance potential benefits of innovation (for consumers and the financial sector as a whole) with traditional policy objectives, namely financial stability, integrity, financial inclusion, competition and consumer wellbeing and protection,” reads the FCA’s consultation paper, published on Tuesday according to the Financial Times. Source.
]]>https://news.lendit.com/2018/08/07/global-regulators-for-fintech-sandbox-alliance/feed/0Treasury Report on Fintech and the OCC Fintech Charterhttps://news.lendit.com/2018/08/06/treasury-report-on-fintech-and-the-occ-fintech-charter/
https://news.lendit.com/2018/08/06/treasury-report-on-fintech-and-the-occ-fintech-charter/#respondMon, 06 Aug 2018 19:59:20 +0000http://news.lendit.com/?p=14627In this week’s PeerIQ Industry update they take a look at the continued strengthening of the U.S. economy on a good jobs report and strong wage growth; a summary of the Treasury’s Fintech Report highlighter recommendations including establishing more sandboxes, harmonize rules to create consistency, faster retail payments system and more; the OCC came out with the big news of the week regarding special purpose fintech charters; PeerIQ takes a deep dive into what the news means, who are the likely winners & losers, how to qualify, management & governance requirements, risk management requirements and capital & liquidity requirements. Source.
]]>https://news.lendit.com/2018/08/06/treasury-report-on-fintech-and-the-occ-fintech-charter/feed/0UK Financial Conduct Authority Lets Crypto Startups into Fintech Sandboxhttps://news.lendit.com/2018/07/10/uk-financial-conduct-authority-lets-crypto-startups-into-fintech-sandbox/
https://news.lendit.com/2018/07/10/uk-financial-conduct-authority-lets-crypto-startups-into-fintech-sandbox/#respondTue, 10 Jul 2018 19:48:41 +0000http://news.lendit.com/?p=14180For the first time since starting their fintech Sandbox the UK’s Financial Conduct Authority allowed entry from fintech firms experimenting with crypto assets; the latest group is the sandbox’s largest with 29 companies being admitted and 40 percent of those using blockchain technology; Christopher Woolard, the FCA’s executive director of competition and strategy, tells the FT, “The latest cohort has seen a large increase in the number of firms testing wholesale market propositions, including firms that are aiming to increase the efficiency of the capital-raising process.”; the moves point to a shift by the regulatory agency which is also testing their own blockchain solution for reporting purposes; blockchain companies have yet to gain wide approval by worldwide regulators but the FCA looks to be open to learning and investigating more. Source.
]]>https://news.lendit.com/2018/07/10/uk-financial-conduct-authority-lets-crypto-startups-into-fintech-sandbox/feed/0California’s Commissioner of Department of Business Oversight Talks Fintechhttps://news.lendit.com/2018/06/25/californias-commissioner-of-department-of-business-oversight-talks-fintech/
https://news.lendit.com/2018/06/25/californias-commissioner-of-department-of-business-oversight-talks-fintech/#respondMon, 25 Jun 2018 18:32:55 +0000http://news.lendit.com/?p=13985California’s Commissioner of Department of Business Oversight, Jan Lynn Owen, sat with American Banker to discuss the fintech market; the interview her thoughts on fintech and how challenging it cam be to transform financial services; the interview talks about chartering fintech firms at the state level as the commissioner believes it is the right way forward; her biggest concern is capital, this usually prevents a license approval as companies have enough to build but not enough to set aside; when it comes to sandboxes she says, “Sandboxes make me nervous. I can’t get past the fact that in my head, I see kids playing in a sandbox.”; she also talks about what they are doing to prevent high APRs, her thoughts on alternative data, pot banking and more. Source.
]]>https://news.lendit.com/2018/06/25/californias-commissioner-of-department-of-business-oversight-talks-fintech/feed/0GDP Revised Upwards, Regulatory Updates and Citi Builds out Digital Bankhttps://news.lendit.com/2018/04/02/gdp-revised-upwards-regulatory-updates-citi-builds-digital-bank/
https://news.lendit.com/2018/04/02/gdp-revised-upwards-regulatory-updates-citi-builds-digital-bank/#respondMon, 02 Apr 2018 19:41:45 +0000http://news.lendit.com/?p=12728This week’s PeerIQ Industry Update covers the upwards revision of U.S. GDP growth to 2.9 percent from 2.5 percent; they provide a sneak peek into the PeerIQ Credit Facility Management Suite; Prosper announced 2017 results, former Avant founder John Sun raised $15mn for a new startup and the Arizona AG helped start the first fintech sandbox in a U.S. state in Arizona; Citi is building out their mobile app as the push by incumbent banks into digital becomes bigger. Source.]]>This week’s PeerIQ Industry Update covers the upwards revision of U.S. GDP growth to 2.9 percent from 2.5 percent; they provide a sneak peek into the PeerIQ Credit Facility Management Suite; Prosper announced 2017 results, former Avant founder John Sun raised $15mn for a new startup and the Arizona AG helped start the first fintech sandbox in a U.S. state in Arizona; Citi is building out their mobile app as the push by incumbent banks into digital becomes bigger. Source.
]]>https://news.lendit.com/2018/04/02/gdp-revised-upwards-regulatory-updates-citi-builds-digital-bank/feed/0FCA Calls for Creation of Global Alliance of Fintech Regulatorshttps://news.lendit.com/2018/03/20/fca-calls-creation-global-alliance-fintech-regulators/
https://news.lendit.com/2018/03/20/fca-calls-creation-global-alliance-fintech-regulators/#respondTue, 20 Mar 2018 18:53:28 +0000http://news.lendit.com/?p=12552Christopher Woolard, the FCA’s executive director of strategy and competition, said he would like to see a collaboration of global regulators to encourage fintech growth; this would be in the style of a global sandbox and would be quite the undertaking but as Mr. Wollard stated, they are up for it; this would allow companies to better understand the regulatory limits and help to stop global issues like money laundering. Source.]]>Christopher Woolard, the FCA’s executive director of strategy and competition, said he would like to see a collaboration of global regulators to encourage fintech growth; this would be in the style of a global sandbox and would be quite the undertaking but as Mr. Wollard stated, they are up for it; this would allow companies to better understand the regulatory limits and help to stop global issues like money laundering. Source.
]]>https://news.lendit.com/2018/03/20/fca-calls-creation-global-alliance-fintech-regulators/feed/0FinTech Sandbox Partners with Ontario Centres of Excellencehttps://news.lendit.com/2017/06/26/fintech-sandbox-partners-ontario-centres-excellence/
https://news.lendit.com/2017/06/26/fintech-sandbox-partners-ontario-centres-excellence/#respondMon, 26 Jun 2017 15:29:42 +0000http://news.lendit.com/?p=7464The partnership will help support fintech sandbox development in Ontario; Boston-based FinTech Sandbox provides free access to data and resources for fintech start-ups; startups working with FinTech Sandbox contribute insight on company developments in collaboration with the non-profit's network of businesses to support growth and innovation in the fintech industry; the Ontario Centres of Excellence will manage the qualifying process for fintech startups connecting with resources from the FinTech Sandbox. Source]]>The partnership will help support fintech sandbox development in Ontario; Boston-based FinTech Sandbox provides free access to data and resources for fintech start-ups; startups working with FinTech Sandbox contribute insight on company developments in collaboration with the non-profit’s network of businesses to support growth and innovation in the fintech industry; the Ontario Centres of Excellence will manage the qualifying process for fintech startups connecting with resources from the FinTech Sandbox. Source
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